Peace of mind may be at the top of most Americans’ wish list but with all the economic turmoil that has been impacting lives (and budgets!) during the past several years, you might believe that it’s out of reach.
However, there is one area where you can take charge to protect not only your financial future, but also that of your family: insurance planning.
According to statistics, most Americans don’t have adequate life insurance is place. Unfortunately, this decision can have a disastrous effect on their family in both the short and long-term. Many families will be unable to handle day-to-day expenses after the loss of one parent, while, down the road, children may be unable to attend college or have other needs adequately addressed.
At The LIFE Foundation, we are committed to helping Americans make smart insurance decisions for themselves, their families and businesses. These three steps will help you achieve peace of mind by ensuring your insurance needs are met.
Step One: Stop procrastinating. As Benjamin Franklin wrote, “Never leave that till tomorrow which you can do today.” You’re aware that life insurance is important. You may even know of friends or family members whose lives were put in financial peril due to a lack of adequate insurance. But still, you hesitate to make the decision. Time for a reality check: go to LIFE’s Insurance Needs Calculator for a quick and easy needs analysis. The answer may be just the motivation you need to move on to the next step.
Step Two: Work with a professional. You see your internist for a 12-month check-up and your dentist for a regular cleanings. Even your car undergoes routine service by a qualified mechanic. Why would you entrust your financial plans and insurance needs to anyone less than a qualified financial expert? An annual review of your insurance and financial plans and portfolio with a financial professional can help you to create a plan that aligns your needs with the insurance and financial products and arrangements you have in place, and identify areas where changes need to be made. (Use LIFE Foundation’s agent locator to find a qualified insurance professional or financial advisor.)
Step Three: Work the plan. You know what you need and you may even have met with an insurance professional to get the facts and figures. Now you need to act on that knowledge. From a purely practical standpoint, the longer you hold off making a decision, the more money the policy may cost you, since, generally speaking, rates increase with age. But it’s not just your budget that will be affected, but your peace of mind as well. Knowing that something should be done but failing to actually do it is like carrying a weight that grows heavier with each passing day. In the end, it’s less stressful to make the decision and check the item off your To-Do list than to keep avoiding it. (Still not sure? Listen to CindyLu Rowe’s experience at LIFE’s realLIFEstories.)
This holiday season, give yourself and your family a gift that will keep on giving: an insurance policy that will protect your future and theirs. Along with its financial benefit, it will give you the peace of mind to look forward to the future.